Blaze Minerals (ASX:BLZ): Uganda Tungsten Work and Botswana Exploration Funding

Aditi Sarkar

29 October 2026 05:11 PM AEDT

Blaze Minerals (ASX:BLZ): Uganda Tungsten Work and Botswana Exploration Funding

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Highlights

A$2.25 million placement was completed across two tranches.
September cash was A$184,000 before the second placement tranche.
Bahati sampling returned tungsten mineralisation in historical workings.
Dinokwe fieldwork included 1,604 soil samples.
Ugandan project acquisitions and approvals remain incomplete.

Blaze Minerals Limited (ASX:BLZ) is an Australian-listed mineral explorer focused on African projects, according to its official website. During October 2026 it completed a A$2.25 million placement to support work across prospective tungsten and critical minerals interests in Uganda and exploration assets in Botswana. The funding follows a September quarter in which cash remained limited and several project acquisitions were not yet complete.

Capital raised after a constrained quarter

Blaze Minerals (ASX:BLZ) finished the quarter ended 30 September 2026 with A$184,000 in cash, up from A$44,000 at the beginning. Operating outflows were A$355,000 and investing outflows were A$144,000, while net financing inflows were A$639,000, including equity proceeds and borrowings. Reported exploration expenditure was A$278,000. The Appendix 5B estimated only 0.38 quarters of funding at the then-current spending rate. These quarter-end figures precede completion of the placement's second tranche and therefore do not represent the subsequently raised proceeds.

Structure of the October placement

The A$2.25 million placement comprised 381,250,000 shares raising A$190,625 issued on 10 September 2026 and 4,118,750,000 shares raising A$2,059,375 following shareholder approval on 21 October. Blaze Minerals (ASX:BLZ) stated that the second tranche was completed on 26 October 2026. Shareholders also approved a 20-for-one capital consolidation on 21 October, with the resulting securities structure expected to be confirmed by 6 November. The reported funding is intended to facilitate acquisition payments, Ugandan exploration, existing portfolio work and working capital rather than representing revenue from mineral sales.

Tungsten work at Bahati

The company has agreements to acquire up to 90 per cent interests in the Bahati and Buyaga projects in Uganda, although the September report described its current interest in each as nil pending completion. At Bahati, sampling of accessible historical workings produced channel results of 20.78% WO3 over one metre and 20.22% WO3 over 0.8 metres, alongside a 56.23% WO3 grab sample. Blaze Minerals (ASX:BLZ) interpreted two mineralised corridors with approximately 600 metres of open strike. The observations are local exploration results and do not establish a Mineral Resource or Ore Reserve. Final gazettal and ministerial sign-off remained outstanding.

Other African project activity

Following the quarter, Blaze Minerals (ASX:BLZ) began map digitisation, drone terrain modelling and LiDAR work at Bahati. Uganda's environmental authority approved terms of reference and a scoping report. The company reported no known historical drilling record at Buyaga. Elsewhere in Uganda, earlier drilling at Ntungamo identified gallium and rubidium; drilling at Mityana did not produce significant results, and neither project had field activity during the quarter. In Botswana, work focused on the Dinokwe licences, where nine stream sediment samples and 1,604 soil samples were collected. Soil sampling continues over priority areas informed by regional geophysics.

Ownership and exploration dependencies

Blaze Minerals (ASX:BLZ) described a 70 per cent Botswana project interest with an agreement that could increase it to 90 per cent. Other Botswana licence areas remain applications rather than granted licences. Ugandan acquisitions have not closed, and some permits require further administrative steps. Exploration findings from historical workings also require independent follow-up before the scale or continuity of mineralisation can be assessed. The next steps identified include completing Ugandan acquisitions, progressing Bahati work and continuing Dinokwe soil sampling.

Key Insights

Blaze Minerals (ASX:BLZ) completed financing after reporting limited September cash and continued preliminary work on African exploration prospects. The 2026 announcements separate capital raised from operating receipts and individual mineral samples from defined resources, while confirming that some ownership and licensing steps remain outstanding.

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